Real Estate Market Update for the Sunshine Coast April 2014

We’re well into May now and the statistics for April are in!

The market is swinging to it’s own tune. Remember over the last several months we have seen the detached market lag behind last years results and the attached and land only markets soar beyond last years heights. Well, we have a reverse of that situation this month.

Porter Rd View Acreage in Roberts Creek

Residential detached homes

Residential detached dollar volume is up to $20,109,000 this month over last year’s $15,422,000. This is an increase of 30%! Unit sales closely match with 52 homes sold over last year’s 38 for a 36% increase.

Year to date is more modest but up nonetheless. Total dollar volume for the year so far is $54,915,000 compared to last year at $52,137,000 for an increase of 5%. Total units sold YTD is 136 compared to 124 from last year for an increase of 10%.

The total amount of available detached listings are 731 compared to last year at 661 for a 10% increase. Total sales as a percentage against total listings available is 7.1%.

A balanced market is in the 15-20% range therefore we are still very much in a buyers market as we move into the last month of spring.

Park Rd Condo Gibsons BC

Residential attached homes

Attached housing dollar volume is $1,415,000 in April. Last year we were at $2,350,000 which is a difference of -60%. Unit sales for April are down 50% to 5 units sold compared to last year where we had 10 sold.

Year to date dollar volume is $9,682,000. Last year by this point we reached $7,500,000 so we are up 12.5%. Unit sales have totaled 35 compared to last year’s 29 for an increase of 17%. The total amount of available attached listings 164 compared to last year at 171 for a negligible difference. The sales as a percentage against total available listings is 3%!

Lower Rd Recreational Waterfront

Land only

Land only sales also “took a hit” this past April with no registered sales at all. Year to date we have total dollar volume sales of $3,323,000. Last year we had reached $3,655,000 by the same time for a small difference of -10%. YTD unit sales for 2014 equal 17 compared to last year at 15.

What do all these numbers mean?

The detached market is enjoying the usual springtime upswing and it is nice to see this surpass last year’s numbers! As a seller you still need to show your home beautifully and be ready to sharpen your pencil when the offer does come in…don’t let that buyer go! Buyers, it’s still your market, however we are seeing some robust action in detached homes sales so you can still cut a very good deal but don’t wait too long as the home you want may be gone next week!

Attached sellers need to continue along the same path of excellent showability & sharp price! I am hoping the month of April’s downward blip is short lived and we will see increased sales again in May. If you want to be one of those sales then keep working with the process of making your condo or town home available and keeping it in good shape. Consider a price reduction to add an edge of competitiveness. If you are a buyer looking to get into the attached market then you have choice. There is the right one waiting for you at a more than reasonable price!

View of North Shore, islands and ocean on the Sunshine Coast BC

Land only sellers….what can I say…I’ve never seen a month with no sales! That is definitely a unique situation and unlikely to be repeated anytime too soon. Depending on the kind of property you have to sell, do everything you can to make it accessible. If you have raw land consider clearing a building site. Consider doing some tree clearing or limbing to provide a view. Anything you can do to paint the picture for a potential buyer is positive.

Buyers for bare land you have excellent options available to you. Acreages that can be subdivided or allow you to build multiple dwellings are available at very good prices! More modest lots close to the beach and good for holding or building can be had as well.

Whatever your idea is about selling or purchasing real estate let Ria and Russ assist you. Call us and we can go over your goals and provide you with a strategy to attain them!